DENISE McCormack and her husband Patrick were given a site in Glenbrien in Co Wexford in 2005 by Patrick's father to build a home for themselves.

The house was completed a year later and the McCormacks have never missed a repayment on their mortgage.

Denise and Patrick have three children, aged between three and 11, and are concerned that the buyer of the Irish Nationwide mortgage loan book won't be regulated by the Central Bank, and as such won't be obliged to adhere to the Code of Conduct on Mortgage Arrears (CCMA).

Denise told of her fears that whoever buys her mortgage will decide to hike interest rates once they have control of it. Should that happen, she says it is almost inevitable that she and her husband will go into arrears. While Denise is still working part-time as a cleaner at Wexford General Hospital, Patrick lost his job as a truck driver three years ago and has been unable to find work since.

"We're just terrified. We have equity in our home. It's the interest rate that's the biggest problem. If there's a hike in the rate at any time, then the house will be gone. It's not good," she said.